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Shue, a partner in the Financial Brokers Partnership, has a 30% share in partnership profits and losses.

Shue's capital account had a net decrease of $100,000 during 2008. During 2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?

A. $300,000

B. $633,334

C. $466,666

D. $190,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947543

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